DeFi University

6 modules · 28 lessons · about 19 hours

Fixed Income in Decentralized Finance

Master dated redemption on Pendle — SY, PT, and YT — and how a bond ladder, barbell, and bullet map onto PT maturities. Keep implied yield and the underlying APR on separate lines.

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Module 1: What fixed income is here

  1. 1A maturity is the point10 minExercise
  2. 2The words on a bond9 minExercise
  3. 3What a bond ladder is7 minExercise
  4. 4Why ladders exist7 minExercise
  5. ?Module 1 quiz

Module 2: TradFi shapes

  1. 5Hold to maturity7 minExercise
  2. 6The ladder, as a strategy7 minExercise
  3. 7The barbell8 minExercise
  4. 8The bullet9 minExercise
  5. 9Roll-down9 minExercise
  6. 10A credit spread against a benchmark8 minExercise
  7. ?Module 2 quiz

Module 3: The same shapes in DeFi

  1. 11A ladder becomes several PT dates9 minExercise
  2. 12A barbell only if both docs are live9 minExercise
  3. 13A bullet is one PT maturity8 minExercise
  4. 14Selling a PT before maturity8 minExercise
  5. 15Credit versus a variable benchmark9 minExercise
  6. 16Floating rate and maturity are separate questions8 minExercise
  7. ?Module 3 quiz

Module 4: Pendle

  1. 17SY, the wrapper8 minExercise
  2. 18PT, YT, and the parenthesis8 minExercise
  3. 19Where the zero-coupon analogy stops9 minExercise
  4. 20Discount and implied yield8 minExercise
  5. 21What the pool charges you9 minExercise
  6. 22YT is not the fixed leg9 minExercise
  7. ?Module 4 quiz

Module 5: What you must not stack

  1. 23Do not add the underlying APR to the implied yield8 minExercise
  2. 24What backs sUSDe10 minExercise
  3. 25Other claims, or cut the row10 minExercise
  4. 26A naked PT versus posting it10 minExercise
  5. ?Module 5 quiz

Module 6: The ladder on the policy

  1. 27The maturity ladder on the policy page10 minExercise
  2. 28Kill criteria10 minExercise
  3. ?Module 6 quiz